Rather than work until they retire permanently decades from now, a growing number of young adults in America are opting for “microretirements,” where they take extended breaks from work to relax or travel in the short term. As the Wall Street Journal reported on Tuesday, some workers in their 20s and 30s are deciding to […]
Molly Richardson, 35, regularly contributes to her 401(k) plan, but the structural engineer said she isn’t too worried about retirement yet. “It’s always something I felt like I could wait until I’m 50 to figure out,” she said. Like many other working adults, Richardson has more pressing expenses for now, she said, such as the […]
Growing your savings can be a challenge, especially if you face competing financial obligations. So if you’ve managed to save $10,000 — congratulations. The next step is putting that money to good use. Is $10,000 in savings good? Overall, $10,000 is a positive step toward financial security, but whether it’s “good” depends on your individual […]
These annual increases can help you keep up with inflation — but probably not as much as you think. “Inflation is when you pay $15 for the $10 haircut you used to get for $5 when you had hair.” — Former baseball player Sam Ewing That quotation is amusing — and it’s instructional, too, because […]
Many American workers are optimistic about their retirement goals, but most believe it will be challenging for them to retire comfortably. Almost half, 44%, of workers in a new CNBC poll are “cautiously optimistic” about their ability to meet their retirement goals, and 27% say they are “realistic” about that happening. Even so, 82% of […]
Above all else, investing early is the best way to ensure your retirement savings are on track, Americans say. That’s according to CNBC’s August 2024 Your Money retirement survey conducted with SurveyMonkey, which found that only 37% of non-retired Americans are either “on schedule” or “ahead of schedule” with their retirement investments. Considering that more than half of […]
Many Americans aim to retire early so they can enjoy their post-work lives while they’re still healthy and mobile. But the average age of retirement is only increasing. According to Gallup’s annual Economy and Personal Finance survey, the average U.S. retirement age was 61 as of 2022. But that number may shift in the coming years. […]
A selection of Social Security payments worth up to $4,873 will be paid this week. Around 68 million Americans receive some form of Social Security benefit each month. Total payouts, including for retirement, disability and survivor benefits, now cost the government around $1.5 trillion a year. The payments tend to be staggered throughout the month […]
Research provides an exceptionally clear-cut answer. The age you sign up for Social Security is one of the most important factors influencing your benefit amount, and it can affect your payments by hundreds of dollars per month. Filing at your full retirement age (which is age 67 for everyone born in 1960 or later) will […]
The average pension pot needed for a “basic” retirement has risen by almost 60% in three years, according to research that highlights how the UK cost of living crisis has left many workers fearing they will never be able to retire. The study from the Resolution Foundation thinktank and the Living Wage Foundation found that […]
Salesforce Inc. has settled for $1.35 million a pair of outstanding 401(k) lawsuits alleging excessive retirement plan fees. The settlement requires court approval. The agreement brings to a close about four years of litigation across two separate lawsuits, according to a motion filed August 23 in U.S. District Court for the Northern District of California […]
Unfortunately, thousands of Americans will not receive their Social Security checks as Social Security will cut more than 30,000 children from benefits starting in January. According to the Social Security Administration (SSA), approximately 30,000 children of deceased workers have been removed from Social Security this year. Social Security provides monthly checks to some of the neediest citizens […]
